by Mr. T.R. Ramachandran, Aviva India
A Common question when planning for retirement is how to calculate the amount that one will need every year to maintain the current lifestyle post-retirement.
Inflation, Emergency Medical Need..!
While planning for retirement, one should take into account inflation and any emergency medical need that may arise.
Ideally, you should build your retirement corpus by investing in a combination of options such as retirement or / pension plans, endowment products, public provident fund (PPF), fixed deposits (Fds) and Equities.
Retirement or Pension Plans..!
You can invest in these plans offered by insurance companies.
Insurance plans gives you an option of claiming up to 30 % of your sum assured as lump sum on maturity, while the rest is paid off as annuity.
One must also buy a health insurance plan along with these as mere savings will not help meet the rising cost of medical needs & any emergency.
Endowment plans..!
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| Mr. T.R. Ramachandran, Aviva India |
These are insurance-cum-investment plans, a good option for risk averse customers, where one has to regularly pay premium for a specified tenure, at the end of which, a guaranteed accumulated corpus is paid out as maturity value.
The advantage of investing in these plans is that even if the policyholder does not survive the entire policy tenure, the sum assured or / life cover is paid to the policyholder's nominee, making sure that the financial goals of the family can still be met.
Combination of PPF, FDs..!
In addition to these, an individual can also go in for a combination of PF / PPFs, FDs and investment in equities through Ulips & mutual funds to beat the inflation costs.
About the Author...!
Mr. T.R. Ramachandran is CEO & MD at Aviva India
Corporate HQ
Aviva Life Insurance Company India Ltd.
Aviva Tower, Sector Road, Opp Golf Course, DLF Phase V
Sector 43, Gurgaon 122 003, Haryana
Phone
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